After spending years in the doldrums, the property market is, finally, on the up. In some parts of the country, you could even say it was booming.

House prices are rising rapidly, and those who purchased less than a year ago are already finding themselves in positive equity.

This recovery has been quietly unfolding over the past year, during which time property values have enjoyed consecutive monthly increases.

The upshot of this revival is a period of frenzied activity. According to Rightmove, new listings in February 2014 are up 18% compared to February 2013, with momentum gaining throughout England.

So while the UK property market is not yet at pre-crash levels, it’s certainly the strongest it has been since 2008. This bodes well, but will this restored health last, or is this sudden upturn a temporary phenomenon?

WHAT DOES THE FUTURE HOLD?

Looking at the figures, the future prognosis looks good. Growth has been continuously strong over the past year and experts predict that is set to remain.

There is a renewed vigour in the industry that has not been witnessed since the recession, and it is showing no sign of slowing down – especially in the traditionally strong regions of London, the South East and the South West.

This outlook is supported by Savills, whose statistics provide a promising insight into the Bath and South West property market:

· Over the past five years, the average property value in Bath has increased by 17.1% (2008-2013)

· Since 2012, the average value property value in Bath has increased by 6% (2012-2013)

· Over the next five years, 29.4% growth is predicted in the South West (ending in 2018)

· During 2014, it is predicted that values will increase by 7% in the South West

THE TENTATIVE VIEW

Although the future seems bright, experts do warn of some potential stumbling blocks that could thwart the progress of the UK property market.

House prices are rising much faster than wages, which could price people out of the market. Furthermore, the upsurge has been kick-started by schemes such as Help to Buy and the Bank of England’s Funding for Lending, which cannot be sustained forever.

Some fear these factors could cause another pre-crash property bubble, leading to a plateau in the property market, if not another downturn.

TO CONCLUDE…

You can never tell what the future may bring. For now, the property market is certainly making a return to form. House prices and market activity have been persistently rising, and it is anticipated this will continue over the coming years.

With such an optimistic future forecast, buyers and sellers should be instilled with confidence, making it the perfect time to start planning your next property venture.